All contracts or agreements of housing authorities heretofore entered
into with the federal government or its agencies, and with municipalities or
others relating to financial assistance for housing projects in which it was
required that loans or advances shall bear an interest rate in excess of six
per centum (6%) per annum, or in which a municipality or others had agreed to
pay funds equal to the interest in excess of six per centum (6%) per annum are
hereby validated, ratified, confirmed, approved and declared legal with respect
to the payment of interest in excess of six per centum (6%), and all things
done or performed in reference thereto. The housing authorities are hereby
authorized to assume the full obligation of the municipalities under the
contracts or agreements with reference to interest in excess of six per centum
(6%), and to reimburse any municipality which has made any interest payment
under such contracts or agreements. (1971, c. 87, s. 2.)